REG - Rainbow Rare Earths - Director/PDMR Shareholding

Rainbow Rare EarthsAnnouncement

26/05/2023 13:30

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RNS Number : 8494A  Rainbow Rare Earths Limited  26 May 2023

 

26 May 2023

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

Director/PDMR Shareholding

Rainbow Rare Earths Ltd announces that Adonis Pouroulis, a Director and Person
Discharging Managerial Responsibility ('PDMR') of the Company, has effected a
share transaction, the purpose of which is to register shares beneficially
held on behalf of Adonis Pouroulis to Sanlam Private Wealth.

The net effect of this transaction leaves the overall beneficial holding of
Adonis Pouroulis in the shares of the Company unchanged.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Adonis Pouroulis
 2   Reason for the notification
 a)  Position/status                                              Director
 b)  Initial notification/ Amendment                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Rainbow Rare Earths Limited
 b)  LEI                                                          213800HONYSAXTG6KS11
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted

 a)  Description of the financial instrument, type of instrument  Ordinary shares of no par value

     Identification code

                                                                  GG00BD59ZW98
 b)  Nature of the transaction                                    Transfer of ordinary shares of no par value to Sanlam Private Wealth.  The

                                                            shares remain beneficially owned on behalf of Adonis Pouroulis.

 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            £0.0925   6,637,979 - Disposed by Westward Investments Limited
                                                                  £0.0925   1,125,653 - Disposed by Pella Ventures Limited
                                                                  £0.0925   7,763,632 - Purchased by Sanlam Private Wealth
 d)  Aggregated information

     Aggregated volume                                            15,527,264

     -      Price                                                 £1,436,271.90

 e)  Date of the transaction                                      15 May 2023

 f)  Place of the transaction                                     Outside of a trading venue

d)

Aggregated information

 

Aggregated volume

 

-      Price

 

 

 

15,527,264

 

£1,436,271.90

e)

Date of the transaction

 

15 May 2023

 

f)

Place of the transaction

Outside of a trading venue

 

**ENDS**

For further information, please contact:

 

 Rainbow Rare Earths Ltd   Company  George Bennett     +27 82 652 8526
                                    Pete Gardner
                                    Cathy Malins (IR)  +44 7876 796 629
                                                       cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)

 Berenberg                 Broker   Matthew Armitt     +44 20 3207 7800
                                    Jennifer Lee

 Tavistock Communications  PR/IR    Charles Vivian     +44 (0) 20 7920 3150
                                    Tara Vivian-Neal   rainbowrareearths@tavistock.co.uk (mailto:rainbowrareearths@tavistock.co.uk)

 

Notes to Editors:

Rainbow Rare Earths aims to be a forerunner in the establishment of an
independent and ethical supply chain of the rare earth elements that are
driving the green energy transition. It is doing this successfully via the
identification and development of secondary rare earth deposits that can be
brought into production quicker and at a lower cost than traditional hard rock
mining projects, with a focus on the magnet rare earth elements neodymium and
praseodymium ("NdPr"), dysprosium and terbium.

The Phalaborwa Rare Earths Project, located in South Africa, comprises a total
Mineral Resource Estimate of 30.4 Mt at 0.44% TREO contained within
unconsolidated gypsum stacks derived from historic phosphate hard rock mining.
High value NdPr oxide represents 29.0% of the total contained rare earth
oxides, with economic Dysprosium and Terbium oxide credits enhancing the
overall value of the rare earth basket in the stacks. Rainbow will use a
proprietary separation technique developed by its partner K-Technologies, Inc.
for the plant at Phalaborwa, which simplifies the process of producing
separated rare earth oxides (versus traditional solvent extraction), leading
to cost benefits, as well as being more environmentally friendly.

The Phalaborwa Preliminary Economic Assessment has confirmed strong base line
economics for the project, which has a base case NPV(10) of US$627 million 1 ,
an average EBITDA operating margin of 75% and a payback period of < two
years. Pilot plant operations will commence in 2023, with the project expected
to reach commercial production in 2026, just five years after work began on
the project by Rainbow.

 

 1  Net present value using a 10% forward discount rate

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